The British Chamber of Commerce’s Quarterly Economic Survey for 2024 has shown a significant increase in business confidence, with almost half (47%) of firms anticipating a rise in profits. However, a survey conducted by PR and Marketing agency Wild PR revealed that 52% of UK firms do not have a marketing budget to enhance brand awareness and support revenue in 2024.
The survey, which included 200 UK business owners from various industries, found that a quarter (25%) of businesses plan to cut marketing costs, while 18% plan to reduce PR expenditures in 2024. Additionally, over half (52%) of businesses do not have an annual marketing budget, indicating a lack of clear marketing plans or a failure to recognize the importance of investing in marketing and PR techniques.
Social media marketing emerged as the most commonly used strategy in 2023, with 34% of UK businesses utilizing this tactic. Despite its effectiveness, PR ranked fifth on the list, with almost 9 in 10 UK businesses (88%) not using PR as a marketing tactic. This oversight could lead to missed opportunities in raising brand awareness and improving online visibility.
A case study featuring Specialist Glass Products highlighted the importance of maintaining a marketing budget during challenging times. According to Andrew Taylor, Managing Director at Specialist Glass Products, an integrated marketing strategy combining PR and marketing tools led to a significant increase in website traffic and online lead generation, supporting the company throughout the recent pandemic and cost-of-trading crisis.
Katrina Cliffe, Managing Director at Wild PR, emphasized the risks of reducing PR and marketing budgets in 2024, highlighting the potential loss of essential keyword rankings and brand awareness. Consistent marketing activity, particularly PR, is crucial for driving long-term results and securing the future success of businesses.
It is essential for businesses to recognize the significance of investing in marketing and PR techniques to drive future growth and maintain a strong brand presence. By adopting a comprehensive marketing strategy and utilizing various PR and marketing tools, businesses can strengthen their online presence and reach a wider audience, ultimately expanding their potential sales pool.